Frameworks

Profit First

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The method is simple. Every time you get a deposit from sales, take a predetermined percentage of that money as profit. Of course there are a few more steps than just that. But even with the simple first step, of taking your profit first, you will become permanently profitable.

Pros

  • Works well with professional services businesses with large rolodexes and low-cost customer acquisition

Cons

  • Penalizes investment and costly growth
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